Economics Semester Exam Review (2023)

when quantity demanded is greater and quantity supplied

when quantity supplied is more than quantity demanded

occurs when something prompts producers to offer different amounts for sale at every price

the income a business receives from selling a product

the economic system in which families, clans, or tribes make the economic decisions based on customs and beliefs

all the human time, effort, and talent that goes into making a product

the individual business which pays a fee to the parent company in return for its right to sell the company's products

went into effect on Janury 1, 1994; immediately eliminated the tariffs on the goods exported to Mexico from the U.S.

the combining of companies involved in the different steps of production or marketing of a product or service

goods and services made in one country but sold to other countries

a situation where buyers and sellers are able to concentrate their efforts in areas where they have the advantage

items that consumers demand more of when their income rises

goods and services produced in one country and purchased by another country

the term used for a change in the amount of a product that a consumer will buy because their purchasing power changes

where quantity demanded of a good or service at a certain price is equal to the quantity supplied at that certain price

the price of the resources needed to produce a good or service

type of business where partners share responsibilities for managing the business and each one is liable for losses

the combination of vision, ingenuity, and willingness to take risks that are needed to create and run new businesses

the economic system in which the government decides what will be produced and how it will be distributed

includes all the natural resources found on or under the ground that are used to produce goods or services

an economic system in which the government owns some or all of the factors of production

the value of the next best alternative or what you give up by choosing one alternative over another

the amount of goods and services that a person can produce in a given time

when the use of one product increases the use of another product, the two products are called

all the resources made and used by people to produce and distribute goods and services

type of business operated for the shared benefit of the owners, who are also its customers

the idea that consumers are free to choose what they will purchase and what products they do not want

items that consumers demand less of when their income rises

the willingness and ability of producers to offer goods and services for sale

goods and services that can be used in place of other goods and services to satisfy consumer wants

behavior that occurs when consumers react to a change in the price of a good or service by buying something else

a tax on the production or sale of a specific good or service

the result is the merger of companies that produce unrelated goods or services

states that when the price of a good or service falls, consumers will by more it

the economic system based on an individuals choice, not government directives

shares of ownership in a corporation

a financial gain from a business transaction

fixed costs + variable costs =

any law passed to limit free trade among nations

operates on the belief that businesses will produce what the consumers want or demand

the idea that a nation will specialize in what it can produce at a lower opportunity cost than any other nation

a situation in which producers in one nation depend on other nations to provide the goods/services they do not produce

involves the application of scientific methods and discoveries to the production process, resulting in new products

increase or decrease in the amount of a good or service that producers are willing to sell because of a change in price

specific regions in which trade between nations take place without protective tariffs

states that producers are willing to sell more of a good or service at a higher price than they are at a lower price

a person who makes goods or provides services

physical objects which can be purchased

a system that requires absolute obedience to authority

the cartel who regulates the production, pricing, and marketing of oil or petroleum

the desire to have some good or service AND the ability to pay for it

market structure in which only a few sellers offer a similar product; is less competitive than monopolistic competition

examples are Mom and Pop stores grocery stores and barbershops-business owned and managed by one person

a market structure in which only one seller sells a product for which there are no close substitutes

a business made up of semi-independent businesses that all offer the same products or services

an institution that acts like a business organization but its purpose is to benefit society through charitable work

table that shows how much of a good or service an individual consumer is willing and able to purchase at each price

a person who buys goods or services for personal use

taxes on imported goods to safeguard domestic goods

the price at which the quantity of a product demanded by consumers and the quantity supplied by producers are equal

negotiates and administers trade agreements, resolves trade disputes, and monitors trade policies of member nations

reducing or removing government oversight and control of business

the joining of companies that offer the same or similar products or services

a more extreme form of socialism in which there is no private ownership of property and little or no political freedom

Part of the profit a company pays out to its stockholders

a type of business owned by stockholders or shareholders

expenses that the owners of a business must take on whether they produce nothing, a little bit, or a lot.

business costs that vary as the level of production output changes

graph that shows how much of a good/service an independent producer is willing and able to offer for sale at each price

it visualizes how all interactions occur in a market economy

taxes on imports specifically to raise money; rarely used today

table that shows how much of a good/service an individual prodcuer is willing and able to offer for sale at each price

a law that cuts off most or all trade with a specific country

work that one person performs for another for payment

where businesses offer goods and services to be bought and use the money they earn to reinvest into their business

limits on the amount of a product that can be imported

an economic system that has elements of traditional, command, and market economies

refers to the government acting to control business behavior through a set of rules, which can affect supply

a graph that shows how much of a good or service will buy at each price

the ability of one trading nation to make a product more efficiently than another trading nation

the market for land, labor, capital, and entrepreneurship

laissez-faire